Paragon Banking Group has announced that its commercial lending division has doubled new lending in its latest trading update.
It reported a 105% increase in lending to £212m for the quarter ended 31st December 2018, compared with £103m for the same quarter the year earlier.
Asset finance and development finance led growth within the division.
Asset finance lending was up 56% to £93m, up from £60m, which included £19m of finance through Iceberg, which it recently acquired.
Development finance lending increased 451% year-on-year, with £79m of new business written in the quarter.
Richard Doe, managing director for commercial lending at Paragon (pictured above), said: “These results show further progress and strong growth for the commercial lending division and our recent acquisitions of Titlestone and Iceberg are only helping to grow our business to new levels across asset finance and development finance.
“As a specialist lender, Paragon is working hard to improve access to funding for British companies and SMEs and our increased levels of lending reflect this.”
The group reported a 41% increase across all business lines to deliver £661m of new lending in the quarter.
Buy-to-let advances at the bank were up 24% to £425m, mortgage lending grew by 22% to £449m, while its deposit savings balances exceeded £5.6bn at the quarter end.
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